Filipino parents aim to provide their children with the best possible education but often need help to achieve this goal due to other daily expenses. Pru Life UK has introduced PRULifetime Income, a traditional insurance product, to help parents provide a solid financial foundation for their children. This product focuses on building passive income, crucial for achieving financial security and enabling families to save for life goals and handle emergencies.
PRULifetime Income offers a guaranteed annual payout of 5% of the policy’s coverage, enhancing a family’s passive income. This payout begins after the 6th policy year and continues for life or until age 100, regardless of market conditions.
For example, if parents of a 10-year-old child purchase a PRULifetime Income plan with a coverage amount of PHP 2 million, payable over ten years, it will provide an accumulated payout of PHP 900,000 when the child turns 24. This payout is guaranteed, regardless of economic conditions.
These payouts can help fund education, passion projects, or even a down payment for a car or house. With the annual payouts given for life, this passive income can benefit the child even into retirement.
PRULifetime Income includes 200% insurance coverage, providing a double financial safety net. This ensures the child’s future family is financially protected, potentially leaving a legacy of PHP 4 million (still based on the illustration above).
Additionally, PRULifetime Income provides the option to enhance coverage with additional options such as Total and Permanent Disability Plus (TPD+), Accidental Death and Disablement (ADD), Personal Accident (PA), and Waiver of Premium on Total and Permanent Disability (WPTPD). These riders offer extra protection, ensuring that families are well-covered against various risks.
“Many Filipinos seek regular income streams to pursue their life goals without the concern of financial instability. Pru Life UK aims to accelerate customer value creation by offering diverse financial products and solutions tailored to their evolving needs at every life stage. PRULifetime Income guarantees lifelong payouts and double insurance coverage, aiding customers in achieving financial security,” emphasizes Allan Tumbaga, Pru Life UK EVP and Chief Customer & Marketing Officer.
As a trusted protector and partner, Pru Life UK remains committed to meeting customer needs and delivering relevant financial solutions through its over 38,000 digitally empowered agents. This dedication underscores Pru Life UK’s pledge to customer satisfaction and empowerment, ensuring lifelong financial security for many Filipino families.
To learn more about PRULifetime Income, talk to a Pru Life UK agent today or visit https://www.prulifeuk.com.ph/en/prulifetime-income.
